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Stock futures were mixed on Tuesday morning, ahead of a barrage of economic data and earnings from Walmart and Home Depot.
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STOCK FUTURES MIXED, TESLA SURGES
Dow Jones Industrial Average futures were lower by 189 points, a decline of 0.5%, while the S&P 500 was off more than 0.5%. The Nasdaq Composite bucked the trend, rising 0.2% helped by Tesla, which was sharply higher, on news it will be added to the S&P 500.
ELON MUSK’S TESLA BEING ADDED TO S&P 500
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 29950.44 | +470.63 | +1.60% |
| SP500 | S&P 500 | 3626.91 | +41.76 | +1.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11924.129079 | +94.84 | +0.80% |
Walmart & Home Depot
Dow member Walmart reported strong results, beating expectations as e-commerce sales jumped 79%. Shares moved higher in the pre-market.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 152.44 | +1.90 | +1.26% |
| HD | THE HOME DEPOT INC. | 279.57 | +2.40 | +0.87% |
Home Depot shares were weaker despite a solid quarter. The home improvement chain noted expenses would rise by $1 billion as the chain works to bring on more employees.
The two Dow components have seen shares rise sharply during the year, aided in part by the coronavirus pandemic forcing shoppers to buy items online and a surge in home renovation.
On Monday, the Dow inched closer to the 30,000 level, gaining 1.6%, while the S&P 500 rose 1.17% to a fresh record and the Nasdaq Composite rose 0.8%. Dow Transports and the Russell 2000 also secured fresh records.
DOW, S&P HIT RECORDS ON MODERNA’S COVID-19 VACCINE, TRANSPORTS AND SMALL CAPS FOLLOW SUIT
ECONOMIC DATA
On Tuesday, a slew of economic data will be released, including retail sales, import and export prices and fresh looks at the U.S. housing market.
October retail sales are set to be released at 8:30 a.m., with economists expecting a rise of 0.5% and 0.5%, excluding auto sales.
Industrial production for October is expected by economists’ to rise 0.9%, while business inventories for September are expected to rise by 0.5%.
At 10 a.m., the NAHB Housing Market Index will be released, with an expected reading of 85.
Traders are looking for Walmart to earn $1.18 a share on $132.2 billion in revenue, while Home Depot is expected to earn $3.06 a share on $32 billion in sales.
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CRUDE DIPS
Crude oil slipped on Tuesday, falling slightly to $41.28 a barrel. Gold also declined, losing 0.1% to $1,886 an ounce.
